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National Transmission & Dispatch Company (NTDC) and Wapda have been unable to open a stand-by letter of credit during the last several years due to heavy exposure of banks to the power sector and the issue of circular debt, it was learnt. Sources said that NTDC's comments on a policy framework for on-site private power projects based on interim gas supply were solicited by Ministry of Water and Power.

Taliban militants attacked a foreign guesthouse in central Kabul on Thursday, hours after a suicide bomber targeted a British embassy vehicle in a blast that killed six people, triggering fears of spiralling unrest. Attacks across the Afghan capital have increased in recent weeks as US-led Nato forces wrap up their 13-year combat mission against Taliban insurgents at the end of this year.
A kind of firmness prevailed on the currency market on Thursday as the rupee sustained its slight recovery against the dollar and euro, dealers said. The rupee inched up by one paisa against the dollar for buying and selling at Rs 101.78 and Rs 101.80, they said.
The Oil and Gas Regulatory Authority (OGRA) has recommended to the government to reduce the prices of petroleum products in the range of Rs 4.10 to 10.25 per litre. According to sources in the Petroleum Ministry, the authorities keeping in view the international crude oil prices has calculated a significant reduction in the oil prices for the local consumers.
The Federal Board of Revenue (FBR) is ready to pay Rs 2 billion to the Sindh Revenue Board (SRB) on account of sales tax on services which was part of the SRB collection, but deposited in the FBR account. Official sources told Business Recorder here on Thursday that the issue came to the light during an advisory meeting of the provincial revenue authorities/ board held at the FBR House to discuss the issues of revenue reconciliation; joint forensic audit of telecommunication companies; sales tax on toll manufacturing; Pakistan Revenue Automation Limited (PRAL)/IT related issues and deputation of FBR's officers/officials to the provincial revenue authorities.
A writ petition seeking the disqualification of Minister for Finance Senator Muhammad Ishaq Dar was filed in Islamabad High Court on Thursday. A journalist, Farrukh Nawaz Bhatti, filed a petition through his counsel G. M. Chaudhry, seeking the disqualification of Finance Minister Senator Ishaq under Article 199 of the Constitution of the Islamic Republic of Pakistan.
The European parliament called Thursday on Pakistan to overhaul its blasphemy laws with a view to repealing them, saying they were "increasingly used to target" Christians and other minorities. The parliament expressed particular concern about the case of Asia Bibi. Her sentence was upheld last month by Lahore High Court. In a non-binding resolution, members of the European parliament in Strasbourg, France expressed their concern that blasphemy laws "are increasingly used to target vulnerable minority groups, including Ahmedis and Christians, in Pakistan."


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Arrow DJIA 17,827.75 0.07
Arrow Nasdaq 4,787.32 0.61
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Arrow FTSE 6,723.42 0.09
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Arrow Sensex 28,438.91 0.19

Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln